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BSI Gets Italian Wealth Management Backing with Merger

Contributing Editor

7 March 2006

BSI, the Lugano-based private banking subsidiary of Assicurazioni Generali, is to merge its Italian business with Banca Generali to create a critical mass in Italian private banking, according to reports in the Italian media. The move does not directly affect BSI’s Swiss business. The merged group will have €6 billion in assets under management, according to Giovanni Perissinotto, the chief executive of Assicurazioni Generali, the Italian financial conglomerate, which also owns Banca Generali. Early speculation had suggested that Assicurazioni Generali planned to list Banca Generali on the Italian stock exchange. The recent move suggests Assicurazioni Generali plans to build up Banca Generali’s wealth management business before any such move is taken.